For Immediate Release
Chicago, IL – February 2, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Washington Federal Inc. (WFSL), JP Morgan Chase (JPM), Fifth Third Bancorp (FITB), U.S. Bancorp (USB) and Zions Bancorp (ZION).
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Here are highlights from Monday’s Analyst Blog:
Bank Failures Inch to 15 in 2010
The six bank failures would cost the federal deposit insurance fund roughly $1.86 billion. The failure of First Regional Bank is expected to cost the federal deposit insurance fund $825.5 million, First National Bank is expected to cost about $260.4 million, Community Bank and Trust is estimated to cost $354.5 million, Florida Community Bank is expected to cost $352.6 million, Marshall Bank is expected to cost about $4.1 million and American Marine Bank is estimated to cost about $58.9 million.
Raleigh, North Carolina-based First-Citizens Bank & Trust Co. will assume the deposits and $2.17 billion of the assets of First Regional Bank. Carrollton, Georgia-based Community & Southern Bank agreed to buy the deposits and assets of First National Bank of Georgia, Orangeburg, S.C-based SCBT, N.A will assume the assets and deposits of Community Bank and Trust, Cavalier, N.D.-based United Valley Bank will buy the assets and deposits of Marshall Bank, Miami-based Premier American Bank, N.A. will buy the deposits and $499.1 million of the assets of Florida Community Bank and Tacoma, Washington-based Columbia State Bank is expected to assume the assets and deposits of American Marine Bank.
Bank failures started this year with the failure of Bellingham, Washington-based Horizon Bank. Washington Federal Inc. (WFSL) will assume all of the deposits of Horizon Bank. Increasing loan losses on commercial real estate are expected to cause hundreds more bank failures in the next few years. The FDIC anticipates bank failures to cost about $100 billion over the next three years.
The failure of Washington Mutual in 2008 was the largest in U.S. banking history. It was acquired by JP Morgan Chase (JPM). The other major acquirers of failed institutions since 2008 include Fifth Third Bancorp (FITB), U.S. Bancorp (USB) and Zions Bancorp (ZION).
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